Call money rate unchanged, dollar gains further
FE Report | Friday, 13 March 2009
The inter-bank call money rate remained unchanged Thursday despite higher demand, as the central bank injected fresh cash into the market through repurchase agreement (repo). The US dollar gained further against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to pressure on liquidity caused by central bank's buying of the greenback from the market, fund managers said.
The call rate in extreme range moved mainly between 7.50 per cent and 12.0 per cent maintaining previous trading day's range.
Most deals were, however, made at rates varying between 7.50 per cent and 8.50 per cent against previous day's range of 7.50 per cent and 8.75 per cent that reflected mostly steady pressure on liquidity, they said.
The rate, however, rose above main trend in stray deals with borrowing of cash by some financial institutions from inter-bank market at high rates to meet urgent needs of their clients, fund managers said.
The central bank injected Tk 4.70 billion into the market through repo auctions at an annual interest rate of 8.50 per cent.
It, on the other hand, withdrew Tk 1.73 billion through reverse repo at an interest rate of 6.50 per cent per annum without putting any perceptible pressure on liquidity.
The dollar gained against taka and the exchange rate of the dollar moved between Tk 68.99 and Tk 69.04 against previous trading day's range of between Tk 68.96 and Tk 68.99.
The greenback, however, remained mostly stable in public deals and the cash dollar was transacted at rates varying between Tk 67.80 and Tk 70.85 maintaining previous trading day's range.
In the informal market, the dollar marked gain and it was traded mainly at rates varying between Tk 68.30 and Tk 68.60 against previous day's range of between Tk 68.20 and Tk 68.50. The informal market, however, experienced steady demand for the foreign currency, money dealers said.
The exchange rate of the Indian rupee against the taka fluctuated between Tk 1.2890 and Tk 1.3543.
In the regional market, most currencies were steady. The exchange rate of the dollar against the Indian rupee moved between Rs 51.31 and Rs 53.83 and the Pakistani rupee between Rs 79.96 and Rs 80.75. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.6641 ringgit and 3.7317 ringgit and that against the Thai currency between 35.6850 baht and 36.2050 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 97.0510 yen and 98.8630 yen, while the euro moved between 1.2717 dollar and 1.2865 dollar against the greenback.
As on March 12, 2009, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 0.55690 per cent for one month, 1.32590 per cent for three months, 1.92940 per cent for six months and 2.25810 per cent for twelve months.
The call rate in extreme range moved mainly between 7.50 per cent and 12.0 per cent maintaining previous trading day's range.
Most deals were, however, made at rates varying between 7.50 per cent and 8.50 per cent against previous day's range of 7.50 per cent and 8.75 per cent that reflected mostly steady pressure on liquidity, they said.
The rate, however, rose above main trend in stray deals with borrowing of cash by some financial institutions from inter-bank market at high rates to meet urgent needs of their clients, fund managers said.
The central bank injected Tk 4.70 billion into the market through repo auctions at an annual interest rate of 8.50 per cent.
It, on the other hand, withdrew Tk 1.73 billion through reverse repo at an interest rate of 6.50 per cent per annum without putting any perceptible pressure on liquidity.
The dollar gained against taka and the exchange rate of the dollar moved between Tk 68.99 and Tk 69.04 against previous trading day's range of between Tk 68.96 and Tk 68.99.
The greenback, however, remained mostly stable in public deals and the cash dollar was transacted at rates varying between Tk 67.80 and Tk 70.85 maintaining previous trading day's range.
In the informal market, the dollar marked gain and it was traded mainly at rates varying between Tk 68.30 and Tk 68.60 against previous day's range of between Tk 68.20 and Tk 68.50. The informal market, however, experienced steady demand for the foreign currency, money dealers said.
The exchange rate of the Indian rupee against the taka fluctuated between Tk 1.2890 and Tk 1.3543.
In the regional market, most currencies were steady. The exchange rate of the dollar against the Indian rupee moved between Rs 51.31 and Rs 53.83 and the Pakistani rupee between Rs 79.96 and Rs 80.75. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.6641 ringgit and 3.7317 ringgit and that against the Thai currency between 35.6850 baht and 36.2050 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 97.0510 yen and 98.8630 yen, while the euro moved between 1.2717 dollar and 1.2865 dollar against the greenback.
As on March 12, 2009, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 0.55690 per cent for one month, 1.32590 per cent for three months, 1.92940 per cent for six months and 2.25810 per cent for twelve months.